First Quarter 2019 Investors Letter
The first quarter of 2019 was a mirror image of the disappointing downward move in December 2018. Markets quickly recovered their footing and indexes are now flirting with new highs.
This reversal of fortune was not just the product of behavioral irrationality, albeit the return of liquidity after the holidays and the usual positive seasonality certainly helped right the ship, but also a quick response to changes – real and perceived – in fundamental factors.
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